Alisher Usmanov has been named by the EU as one of a number of oligarchs sanctioned for apparent ties to Vladimir Putin.
The Uzbekistan-born billionaire has links to Everton, with his company USM Holdings providing a number of Blues sponsorship agreements.
After Russia's military invasion of Ukraine, sanctions continue to be placed on the country, with those closely tied to President Putin being the latest to be targeted by measures.
The sanctions include an asset freeze and a prohibition from making funds available to the listed individuals and entities - as well as a travel ban to prevent them from entering or transiting through EU territory.
In an EU press release on Monday evening, the European Council confirmed "26 persons" had been added to a list of those subject to sanctions.
The statement indicated measures had been taken against those individuals "in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine".
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In an updated regulation in the Official Journal of the European Union, Usmanov was named as a "pro-Kremlin oligarch with particularly close ties to Russian President Vladimir Putin".
The document added: "[Usmanov] has been referred to as one of Vladimir Putin’s favorite oligarchs. He is considered to be one of Russia’s businessmen-officials, who were entrusted with servicing financial flows, but their positions depend on the will of the President."
And the EU report went on to conclude that Usmanov "actively supported materially or financially Russian decision-makers responsible for the annexation of Crimea and the destabilisation of Ukraine" and "actively supported the Russian government’s policies of destabilisation of Ukraine."
According to the Financial Times, the "blacklistings" take effect immediately - with confirmation that the EU has "frozen the assets and imposed a travel ban" on those impacted.
Usmanov declined to comment when asked by the FT.
The ECHO has also contacted his representatives.
USM first entered into a naming rights agreement with the club in 2017 on an initial five-year deal, with Everton's training ground being renamed USM Finch Farm.
That deal was expanded in 2019 to see them become the club's Official Matchday Presenting Partner.
That would see an increased presence across club channels for companies from within the USM Holdings portfolio, including MegaFon and Mail.Ru Group.
The package also included shirt sleeve sponsorship of first team training wear and significantly increased matchday presence for companies within the group.
In early 2020, while speaking to the Financial Times, Usmanov heavily hinted at potentially investing in Everton officially in the future.
Days later, it was announced that USM had secured a naming rights option on Everton's proposed Bramley-Moore Dock stadium, with the company signing a £30m deal which essentially granted them first refusal on having the new ground named after them.
Later that year, the Blues revealed a change to Goodison Park with Megafon's name and logo being placed on two new towers outside the Park End.
USM and Megafon branding still appears pitchside at Goodison Park and as part of the advertising boards for post-match interviews.
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At the time of writing, the UK government is yet to announce sanctions against oligarchs in this country.
However, on Monday, Foreign Secretary Liz Truss stated: "We will continue working through our hitlist of oligarchs, focusing on their houses, their yachts and every aspect of their lives."
Last Friday, Everton sources indicated there was no current impact on the stadium project and no plans to change sponsorship or USM logos at Finch Farm amid concerns over the situation in Russia.
But it remains to be seen what may now unfold in light of tonight's developments.
The ECHO has contacted Everton for comment and clarity on the club's position.
